Gujarat State Petronet surged 4.41% to Rs 112.55 at 13:08 IST on BSE on media reports that Appellate Tribunal for Electricity overturned an order passed by the PNGRB in a case relating to tariff paid to the company for its high pressure gas grids.
Meanwhile, the S&P BSE Sensex was down 34.06 points or 0.12% at 28,352.13.
On BSE, so far 8.90 lakh lakh shares were traded in the counter as against average daily volume of 3.06 lakh shares in the past one quarter.
The stock hit a high of Rs 114.85 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 110 so far during the day. The stock had hit a 52-week low of Rs 54.20 on 30 January 2014.
The stock had outperformed the market over the past one month till 26 November 2014, advancing 10.91% compared with the Sensex's 5.72% rise. The scrip had also outperformed the market in past one quarter, jumping 27.2% as against Sensex's 7.35% rise.
The mid-cap company has equity capital of Rs 562.82 crore. Face value per share is Rs 10.
According to reports, the Appellate Tribunal for Electricity overturned an order passed by the Petroleum and Natural Gas Regulatory Board (PNGRB) in a case relating to tariff paid to Gujarat State Petronet (GSPL) for its high pressure gas grids. As per reports, the Appellate Tribunal reprimanded PNGRB and asked it to revise the tariff upward after taking factual considerations in mind.
GSPL's net profit surged 48.6% to Rs 169.47 crore on 26.7% growth in net sales to Rs 351.03 crore in Q2 September 2014 over Q2 September 2013.
GSPL, a subsidiary of Gujarat state-owned Gujarat State Petroleum Corporation (GSPC), is responsible for building the infrastructure for transmission of natural gas that GSPC procures.
Powered by Capital Market - Live News
